Bitcoin Price Shows Potential Strength as Long-Term Selling Eases and $117,000 Resistance Looms
Main Idea
Bitcoin shows potential for a rally as long-term selling pressure eases and the MVRV ratio indicates a balanced valuation, with $117,000 being a critical resistance level for confirming upward momentum.
Key Points
1. Bitcoin price is up 1.1% daily but down 3.77% weekly, with key resistance at $117,000.
2. Long-term Bitcoin holders have significantly reduced selling pressure, signaling a potential end to the recent correction phase.
3. The MVRV ratio stands at 2.19, historically a level that precedes Bitcoin rallies, indicating a balanced valuation with room for growth.
4. The $117,000 price point is critical for Bitcoin's next move; clearing this resistance could confirm a new rally, while falling below support zones at $111,900 and $110,000 risks invalidating the bullish setup.
5. Traders are watching the $117,000 level closely, as it has the highest candle volume and is a significant resistance zone.
Description
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